basic tag clouds are not really useful to visualize term co-occurrences since only the weight or importance of a term can be visualized. To visualize the distances of terms in document space in tag clouds, MDS methods can be used (see: http://www.inf.uni-konstanz.de/gk/pubsys/publishedFiles/AdThBe10.pdf). Terms are positioned close to each other if their distance in document space is small (they co-occure oftenly) and vice versa.
Another way to visualize Term co-occurences are e.g. Heatmaps, with the interesting terms at the x and y axis. The color represents the number of co-occurrences. Here is an example of a term-gene co-occurrence heatmap: http://tech.knime.org/term-coocurrence-heatmap-example